International specialist technology staffing company, Venturi Ltd, is targeting further growth following the completion of a vendor-initiated management buyout.
The North West-based business, which also has a well-established office in New York and a presence in Germany, was founded in 2009 by Brad Lamb with investment from respected staffing industry entrepreneur and investor Keith Jones.
Director James Doyle joined the founding shareholders within six months of the launch. The directors and the management team have developed the company into one of the fastest growing technology staffing businesses in the UK.
As a result of the management buyout, Brad and the existing management team have acquired the two other directors’ shareholding enabling James and Keith to exit the business and pursue their other interests.
Successfully placing high quality technology talent into key areas of the IT and technology sectors, including Business Intelligence & Data, Analysis & Security and Software Development, Venturi Ltd has delivered significant growth over the past decade.
Having established a presence in the German market in 2015 and set up an office in the United States in 2017, the company has built a workforce of around 70 people and is forecast to deliver revenues in its 2020 financial year of c.£31m with an adjusted EBITDA of c.£2.2m.
Venturi is recognised in the recruitment sector for its rapid expansion having been named in the Top 50 Technology Staffing Businesses by respected industry publication, The Recruiter. Venturi Ltd has also been named in the Recruiter Top 100, which highlights the highest growth recruitment companies in the UK, every year since 2016.
Following the management buyout, Brad and the management team aim to further scale Venturi Ltd’s operations in the UK and internationally, particularly focusing on building its support for technology clients served by its New York office and dedicated team assisting clients in Germany.
SME credit specialist Caple supported the management buyout with access to a five-year unsecured loan. Sonovate, Venturi Ltd’s existing financial provider, provided support with additional working capital.
Advising Brad and the management team on the MBO was Newcastle-based RG Corporate Finance (RGCF), led by Senior Manager Alex Simpson, alongside Partner and Head of Corporate Finance, Carl Swansbury. Tax advice was provided by RG’s Business Tax Partner Simon Whiteside with support from Senior Manager Charlotte Burton. Legal advice to the vendor was provided by Melanie Yeomans of Ward Hadaway.
James Doyle’s legal advisor was Kemilia-Jean Ogunmuyiwa of Cooley LLP, while Keith Jones was advised by Simon Wallwork of Slater Heelis LLP.
Brad Lamb said: “This is an exciting new chapter for Venturi Ltd that will build upon the excellent international reputation we have established in the IT and Technology sectors. James’ role in the most recent stages of growth of the business, including the opening of our New York office, together with the investment and support we have received from Keith have been invaluable and provide us with a solid platform to scale the business even further.
“Working with Caple and Sonovate the management team is looking forward to expanding Venturi’s market share in our key markets and play a key role in the evolving international technology industry.”
Alex Simpson, Senior Manager at RGCF, said: “With its highly-experienced and dynamic management team, Venturi Ltd is an exemplar of the agile and forward-thinking UK staffing businesses that have grown their presence across international markets. We are proud to have worked with Brad and his team and wish them well in their continued endeavours to scale Venturi Ltd’s operation in the IT and Technology sectors.”
Sean Brophy, Country Manager at Caple, said “Venturi is a classic example of an asset-light business with a lack of long-term financing options. Brad has built a successful, geographically diverse and client-centric business with proven delivery capabilities. The business has some clear white-space to grow and now an appropriate, balanced financing mix to allow them to focus on growth rather than simply debt repayment.”